Still Time to Lock in Low Rates?
CBRE vice chairman Tyler Anderson (based in the Phoenix office) agrees that now is still a good time to buy multifamily assets. One important reason is that it’s not too late for investors to take advantage of the current interest rate environment to acquire local properties, he tells us—though time might be short. “The current environment continues to provide excellent opportunity to invest in multifamily opportunities, especially properties with a value-add component,” he says.
Recently Tyler, along with colleagues Sean Cunningham, Asher Gunter and Matt Pesch, brokered the sale of the 552-unit Pinnacle South Mountain at 5151 E Guadalupe Rd in Phoenix for $63M. The buyer was FPA Multifamily of San Francisco. The seller was Palo Alto, CA-based Essex Property Trust. “The Ahwatukee area consistently sees some of the highest multifamily demand in the Valley,” Tyler notes, adding that by pursuing various upgrades, the buyer has an opportunity to generate significant rental growth.
